Please let me know if this has been fixed or not. The detailed error message is below.

[msbuild] C:\Program Files (x86)\MSBuild\Microsoft\VisualStudio\v11.0\WebApp
lications\Microsoft.WebApplication.targets(182,5): error MSB3030: Could not copy
the file "Ext\extjs\src\tail.js" because it was not found.

Answers

I did further homework and resolved the issue. It has nothing to do with vs 2012. My proj file was referring to some unrelated files which it shouldn't, when I removed those references the build succeeded.

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I also have done more researching work and find that such a product limitation did exist.

And in order to resolve your problem and to get the issue confirmed and diagnosed by product
team, please vote it because of that you also encounter such a situation.
And you would get the mail notification if there is anything new update. Thanks!

I did further homework and resolved the issue. It has nothing to do with vs 2012. My proj file was referring to some unrelated files which it shouldn't, when I removed those references the build succeeded.